Buying foreign currencies like the Mexican peso can be a smart way to turn a profit on the fluctuations of the world's markets and economies. When you buy a foreign currency with your U.S. dollars and either it rises, or the dollar falls, you make money. All you need is a telephone, a computer or a nearby institution that deals in foreign currency exchange and you can buy the Mexican peso.
Visit a foreign currency exchange service online. Many banks and currency trading sites have developed online order systems to meet the needs of customers digitally. The systems vary by company, but all require the same essential information to operate. Select "Mexican Peso" from the list of possible currency options and type in the amount of money you wish to spend in U.S. dollars. The amount in pesos will be displayed. If the amounts are suitable to you, enter your personal information and complete the order.
Contact a foreign currency broker, bank or service by telephone. Inform the representative that you wish to purchase Mexican pesos and how much you would like to spend in U.S. currency. The representative will calculate the conversion amount and inform you what information is required to make the purchase. Currency can be sent to your home or office as needed and will arrive by insured carrier.
Visit a currency broker, bank or service in person to purchase Mexican currency. Payment for your currency can be made in cash or by check, credit card or debit card. Service fees may apply depending on the payment method you choose and the broker you select. In person, currency can be bought immediately, but photo identification and proof of address may be required. You can purchase up to $3,000 per day in foreign currencies.
- If you plan on traveling to Mexico and would like to purchase some pesos with your American dollars, avoid the airport and currency exchange booths. These services charge a premium percentage on top of a set fee, which means you are left with far less money than the exchange rate would dictate. Your best bet for travel might be an ATM card with an international bank. Fees may be as low as 1 percent.
- World currencies can fluctuate in value from day to day. A good historical performance does not indicate what may come in the future.
Robert Morello has an extensive travel, marketing and business background. He graduated with a Bachelor of Arts from Columbia University in 2002 and has worked in travel as a guide, corporate senior marketing and product manager and travel consultant/expert. Morello is a professional writer and adjunct professor of travel and tourism.